4 Tips to Selling an Inherited Property

Selling an inherited house can be draining. Coldwell Banker gives 4 tips on how to successfully prepare, organize and sell your inherited house.

One difficult topic real estate agents routinely have to discuss is about selling an inherited home from a parent when they pass away. It is a situation that is an overwhelming experience, one filled with emotions and many questions. While talking about it is difficult, it is smart to be prepared. This includes having conversations as a family to determine who will be included in the will to inherit the home, where the deed to the home is kept and where other paperwork is located.

After the estate has been settled and the home received as an inheritance, deciding to sell, rent or keep the home is the first step which will help determine what to do next. For those who decide to sell the home, it is a good idea to work with a team of professionals including a lawyer and a real estate agents who can offer advice and guidance throughout the process.

Although each situation is unique, the professionals at Coldwell Banker have provided the following four tips to help prepare to sell an inherited home:

Assemble a strong team of professionals. Working with a real estate agent, lawyer and potentially a tax specialist can help make the process of selling an inherited property go more smoothly. A team of professionals can give the guidance necessary to prepare the home for sale and get all of the affairs in order. A real estate agent can offer crucial, local market information that is especially helpful if the heir does not live nearby. Lawyers and tax specialists can help put all of the processes in order to ensure that selling the home is as easy on you and your family as possible.

Do a home walk through and get organized. Going from room to room and looking at everything from the condition of the floors to how fresh the paint looks can help determine what may need to be done to the home to help it sell more quickly. If the inherited property is older, a home inspection is important before making any decisions as there may be certain systems that need renovations. Equally important is to gather all of the necessary paperwork such as the deed to the home as well as researching whether there are any mortgages on the inherited property that need to be paid. Even if the original mortgage was paid off, a reverse mortgage may have been negotiated to help cover expenses. Also looking into local property taxes and when they were last paid is important.

Have the home appraised and price it correctly. Property received as an inheritance is not considered to be income by the beneficiary. The adjusted basis of a home is its fair market value at the time it was inherited, so it is important to get an accurate appraisal of the home. A real estate agent can also provide counsel on an appropriate listing price to match market value. Out-of-town beneficiaries can also find it difficult to select competent appraisers, inspectors and other professionals to assist in the home selling process, all of which a real estate agent can assist with.

Consider staging or other cosmetic improvements. Although not necessary in all markets or price ranges, home staging can be the difference in getting a home sold in a price-competitive market. An inherited property may not be furnished in the style of other local homes on the market selling at a similar price. A real estate agent can help determine whether or not home staging is a good fit for a specific situation. They may also suggest making home design improvements such as repainting rooms and/or landscaping the yard or other parts of the property. Make sure the lawn and landscaping look good and that the exterior of the house is in good condition. Low curb appeal can keep potential buyers from researching a home they may otherwise love. Perhaps most importantly, having an experienced real estate agent to answer questions quickly and accurately frees up time to devote to other activities and events.

Find more information on selling your home on the Coldwell Banker Blue Matter blog.

Source: Coldwell Banker Blue Matter blog

Posted on August 8, 2017 at 9:45 am
Kappel Gateway Realty | Category: appraisal, Bidding, buying, Charity, closing, closing costs, curb appeal, distressed properties, Homeowners, investor, market trends, mortgage, open houses, real estate, Sellers Market, selling, Uncategorized | Tagged , , , , , , , , , , , , ,

Once again, your Vacaville community comes together to honor Relay For Life!

The 19th Annual American Cancer Society Relay for Life of Vacaville will be held on June 24th and 25th from 9:00 am to 9:00 am at Vaca Pena Middle School.

You don’t want to miss out on all a wonderful event for a truly worthwhile cause.

Relay For Life is a fun-filled overnight event designed to celebrate survivorship and raise money for research programs of your American Cancer Society. During the event teams of people gather together and take turns walking or running laps. Each team tries to keep at least on team member on the track at all times…because cancer never sleeps.

Originally started in May 1985 by Dr. Gordy Klatt, a surgeon in Tacoma, Washington. Dr. Klatt was determined that one person could make a difference and he proved it by raising over $27,000 on his own. Since then the Relay for Life has become the largest fundraising event for cancer in the world. Celebrated by more than 4 million people in over 20 countries, this inspirational overnight event empowers and unites local communities to fight cancer.

Teams, familys, individuals and companies all participate in this worthy and fulfulling event. So far the Vacaville chapter has raised almost $117,000 thus far this year, with the goal being $300,000. With the event less than 8 days away, they welcome your participation!!

Even if you can’t participate, come join the fun and games as the “players” relay round the track for the American Cancer Society. It’ll make you feel good…promise!

Checkout these links to: Vacaville Relay for Life Facebook page and also the American Cancer Society Relay for Life Vacaville page!

 

Source: Jayney Arden, American Cancer Society, Relay for Life Vacaville

Posted on June 16, 2017 at 10:25 am
Kappel Gateway Realty | Category: American Cancer Society, Charity, community, real estate, Relay for LIfe | Tagged , , , , , , , ,